AUSTRALIA - Investment in China has been opened up to superannuation funds with an agreement between the Hong Kong Securities and Futures Exchange and Australian Securities and Investment Commission (ASIC).
Nick Sherry, minister for superannuation and corporate law, welcomed the announcement: "It has been an exciting time for Australian investors with regard to new opportunities for mutual recognition of securities with foreign markets."
The agreement followed a joint treasury-ASIC consultation paper, Cross Border Recognition: Facilitating Access to Overseas Markets and Financial Services, released on 16 June, which outlined how cross-border recognition could help Australian investors to more effectively access other well regulated capital markets, advisers and products.
On 13 June, minister Sherry and New Zealand commerce minister, Lianne Dalziel, launched the Agreement on the Mutual Recognition of Securities Offerings allowing the same securities offer documents to be issued in both countries.
"These initiatives will reduce the regulatory burden for Australian investors and financial product providers, while continuing to ensure Australia's attractiveness to foreign investors as a financial hub," Sherry concluded.
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